Establish risk-taking parameters

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This video outlines the key to doing thorough due diligence (to demo the ideas in controlled tests to see if they work and how they can be improved) to get the best available knowledge about the risk to bear upon it.

- Before we begin to establish risk-taking parameters,…I want you to first ask yourself the following questions:…Which type of risk do you reward the most?…Which do you penalize?…Do people have permission to fail?…What wounds do you have that prevent you…from wanting to take risk?…What stops others from being vulnerable enough…to take those risks?…In order to establish the risk-taking parameters,…organizational leaders must have a process…for bold ideas to bubble up.…

Additionally, leaders must think…of employees as entrepreneurs,…and the company as the venture capitalist…who can fund, partner, and commercialize a great idea.…This is the starting point,…and what follows is a string of six elements…that need to be in place in order to effectively execute…on the improvisational innovation process.…Number one.…There must be an engaged proactive commitment…of the executive leadership, starting with the CEO.…

Ideally, the CEO has skin in the game,…and allocates funds to serve as the venture capitalist fund,…should a particular idea not get adopted…

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Released

3/16/2016

Risk-taking is imperative to long-term growth, at the personal or organizational level. Risk-averse managers cannot effectively manage or grow. In this course, author and consultant Deborah Perry Piscione reveals the differences between gambling and calculated risk-taking, and how to master the art of risk. Learn how leaders can model risk-taking behavior that serves to strike a balance between long-term value creation and short-term profitability.

Once you as a leader have figured out how and when to take risks, you can then build a culture that not only focuses on producing great work, but also on creating and executing a steady flow of ideas to improve every aspect of the organization. Watch this course to enhance the relevance and marketability of your business and your career.